Trump admits US could be hit by recession and inflation

Donald Trump last night refused to rule out the possibility that the US economy will head into recession this year and that inflation will rise, as his chaotic trade tariffs cause market turbulence and uncertainty.

- Guardian staff

The US president predicted that his economic goals would take time and a period of transition to bear fruit. But when asked in an interview with the Fox News show Sunday Morning Futures: "Are you expecting a recession this year?", he demurred.

"I hate to predict things like that. There is a period of transition, because what we're doing is very big. We're bringing wealth back to America. That's a big thing. And there are always periods of, it takes a little time. It takes a little time, but I think it should be great for us," Trump said.

When asked whether he thought his tariffs on US imports would fuel inflation, he said: "You may get it. In the meantime, guess what? Interest rates are down."